Until his June 2020 departure from HC2 Holdings Inc., Phillip Falcone was widely known across the broadcast media industry as a flashy big spender on low-power broadcast TV stations.
Then came accusations that Falcone defaulted on loans. His assets were frozen for failure to compensate his legal representatives. This followed by a 2019 court order that saw HC2 withhold some of Falcone’s salary in lieu of some $2.69 million in unpaid taxes to the City of New York.
All of that negative activity is firmly now in the past, as Falcone has reemerged as the head of a new entity that’s agreed to purchase two low-power TV stations in Los Angeles.